Hi all,
I got bought few machineries and using for both taxable & exempt purpose.
I had claimed the full ITC in the purchased month.
How & where to show ITC reversal for capital goods every month proportional to exempt turnover.
And when I try to offset tax liability with ITC available for every month from capital goods(60 months), the system shows use full ITC to offset liabilities. how we can use full ITC from capital goods as per rule we need to use it over 60 months
Thanks in advance
You have reverse ITC in Table 4 (B) (1) of GSTR3B .
You have to reverse ITC on Capital Goods as per the Rule 43 of the CGST rules 2017 .
| Originally posted by : prasad Nilugal | ||
 |
You have reverse ITC in Table 4 (B) (1) of GSTR3B . |  |
Thanks for the reply. So every month have to calculate according to turnover and do right?
And one more doubt regarding offset. Since we claimed full ITC at starting itself. As per rule we have to divide over 60 and months & take ITC. During tax liability set off, system asking to use the full capital ITC available. How to proceed there
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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